Doda-Donchian Indicator with stop-loss feature

Free Metatrader indicatorThis is the modified version of Donchian channel indicator, popularly known as famous turtle indicator. I’ve modified it after removing 2 lines. The result is a single line, making a simple but one of the powerful indicator.

Buy: When price closes above Doda-Donchian line

Sell: When price closes below Doda-Donchian line

Stop-loss: Few pips away from Doda-Donchian line.

Works with any currency pair, CFD etc.

EURUSD-H4 with Doda-Donchian indicator



Recommendations:

  • Use higher time frame like H4. It works best there.
  • It happens many times that price kisses Doda-Donchian line, so it may triggers your stop-loss. So, place your stop loss few pips above / below this line.
  • Even if price moves above or below, that does not make any sense for change of signals. The candle MUST close above / below for confirmation.

Download Doda-Donchian MQL4 source code file

Download Doda-Donchian compiled file

Doda-Donchian Indicator with stop-loss feature
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10 thoughts on “Doda-Donchian Indicator with stop-loss feature”

  1. What are the “ChannelPeriod” default settings in “Doda-Donchian” and what effect does the “EMAPeriod” setting have.

    Should the “ChannelPeriod” default settings be good for all applications.

  2. Hello Dear Friend

    Your indicator is excellent.but I have a small problem these days!!!I saw the arrows when I had alert as your screenshot but I dont see them now.why?

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